In a big shock to the BJP, the Supreme Court of India banned electoral bonds

In a big shock to the BJP, the Supreme Court of India banned electoral bonds

News By Feb 15, 2024 No Comments

New Delhi: The Supreme Court of India banned the Electoral Bonds Scheme.

According to Indian media, on Thursday, the Supreme Court in its historic decision banned electoral bonds as unconstitutional. A five-member bench headed by Chief Justice DY Chandrachud said that this scheme is against the right to information of the people.

Indian Prime Minister Narendra Modi launched an electoral bonds scheme in 2018 to make political funding more transparent, which was challenged in the Supreme Court by opposition parties and civil society.

The Supreme Court directed the Election Commission to ask for the details of the electoral bonds from 2019 till now. So far how many people have bought electoral bonds worth Rs.

According to the court order, SBI will provide this information within three weeks, after which the Election Commission will convey this information to the public. The court in its judgment said that voters have a right to know about the funds of political parties. The Election Commission will also have to provide information on election bonds on its website.

After the court order, banks will no longer be able to sell or deposit electoral bonds and if a person wants to donate to a political party, he will have to do it through his bank account.

The petitioners challenging the electoral bonds had taken the stand that the public has a constitutional right to know who is donating to which political party and how much.

The petitioners alleged that “black money” has been widely used to fund political parties under the scheme as donors are anonymous.

The petitioners said that through this scheme, the ruling party can find out who is donating to opposition parties and pressure them not to do so.

Electoral bonds are basically a political party donation scheme in India that allowed anyone to donate to political parties by purchasing electoral bonds from the State Bank of India.

What is an Electoral Bond?

Any person or company can donate to political parties anonymously through Electoral Bonds. These bonds are available in denominations of Rs 1,000, 10,000, 1 lakh, 10 lakh and 1 crore. So far, bonds worth more than twelve thousand crore rupees have been purchased for funding political parties.

A company or person can buy as many bonds as they want, but the party in whose name the bond is taken is bound to remit the cash from the bank within fifteen days. In case of non-cashing within the stipulated time, the bond amount goes to the Prime Minister’s Relief Fund.

According to the data, the biggest benefit from the electoral bonds has come to the BJP, which has received 57 percent from the electoral bonds till March 2023, i.e. about Rs.

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